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253-691-8561
Terrafin Real Estate
17416 97th Avenue SW, Vashon, WA 98070
- $1,295,000
- 4,160
- SqFt
Listing Broker: COMPASS; Connie Sorensen; 206-819-7669; connie.sorensen@compass.com
- List Price
- $1,295,000
- Status
- ACTIVE
- MLS#
- 2583315
- Subtype
- Residential Income
- Style
- 55 - 5-9 Units
- Year Built
- 1957
- Living Area
- 4,160
- Lot Size
- 32,678
- Acres
- 0.75
- Subdivision
- In Town
- Neighborhood
- In Town
- MLS Area Major
- Vashon Island
Property Description
Rare Vashon investment and development opportunity! This well-maintained, established 5-unit multifamily property offers immediate income with further expansion for re-development potential (buyer to verify) adding long-term value beyond the existing improvement. The versatile mix includes a studio, two 2BR/1BA and two 3BR/1BA apartments with a history of strong occupancy. Current rent of $8175 is below fair market, including one Section 8 rental. Most units include a private washer & dryer and four units include fireplaces. The building has a newly installed roof, a significant infrastructure upgrade, new windows, flooring, wainscoting and more. The .75-acre R12-zoned parcel includes 6 water shares—an exceptional asset for future possibilities. Priced at $215,833 per unit with a cap rate at 5.87, the value is solid. Even more compelling, two contiguous R12SO-zoned parcels are also available (MLS#2590323), together offering 6 additional water shares. Acquisition of all three properties creates a rare assemblage opportunity with 12 total water shares, existing multifamily income and significant potential for a larger development vision. Explore the possibilities while benefiting from income already in place. Buyer to verify zoning, water availability, development potential and all intended uses. Please respect tenant privacy; no interior access without confirmed appointment.
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Additional Information
- Amenities
- Thermal Windows
- Exterior Features
- Wood
- Property Description
- 55 - 5-9 Units
- Flooring
- Laminate, Vinyl Plank, Carpet
- Heating
- Baseboard, Wall Furnace
- Air Conditioning
- None
- Roof
- Composition
- School District
- Vashon Island
- Elementary School
- Chautauqua Elem
- Middle School
- Mcmurray Mid
- High School
- Vashon Isl High
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.